GST on BF/BC services: banking company deemed service provider and liable for tax on customer service charges. Banking companies are the service provider for services rendered through Business Facilitators or Business Correspondents under RBI guidelines and must pay GST on the entire service charge or fee charged to customers. Exemption for services related to accounts in a rural area branch applies only if the services fall within the prescribed banking service classification and relate to branches classified as rural under RBI procedures, and the bank's classification should be accepted.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
GST on BF/BC services: banking company deemed service provider and liable for tax on customer service charges.
Banking companies are the service provider for services rendered through Business Facilitators or Business Correspondents under RBI guidelines and must pay GST on the entire service charge or fee charged to customers. Exemption for services related to accounts in a rural area branch applies only if the services fall within the prescribed banking service classification and relate to branches classified as rural under RBI procedures, and the bank's classification should be accepted.
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